UL Solutions Inc. (ULS) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	3.2B	3.1B	2.9B	2.7B	2.5B
Cost of Revenue	1.6B	1.6B	1.5B	1.4B	1.3B
Gross Profit	1.6B	1.5B	1.4B	1.3B	1.2B
Operating Expenses
R&D Expense	—	—	59.0M	—	—
SG&A Expense	1.0B	975.5M	918.0M	860.0M	795.0M
General & Admin Expense	260.0M	—	—	—	—
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	1.0M	—	(59.0M)	—	—
Total Operating Expenses	1.0B	975.5M	918.0M	860.0M	795.0M
Cost and Expenses	2.6B	2.5B	2.4B	2.3B	2.1B
Operating Income (EBIT)	568.4M	522.4M	462.0M	405.0M	412.0M
Non-Operating
Interest Income	1.0M	3.0M	4.0M	12.0M	—
Interest Expense	28.0M	41.0M	55.0M	35.0M	17.0M
Net Interest Income	(27.0M)	(38.0M)	(51.0M)	(23.0M)	(17.0M)
Other Non-Op Income/Expense	155.3M	(60.6M)	(47.0M)	(59.0M)	(29.0M)
Non-Operating Income (excl Interest)	(183.3M)	19.6M	(8.0M)	24.0M	12.0M
EBT (Pre-Tax Income)	723.7M	461.7M	415.0M	346.0M	383.0M
Income Tax Expense	184.7M	116.7M	70.0M	70.0M	74.0M
Bottom Line
Net Income	512.0M	325.0M	326.0M	260.0M	293.0M
Earnings from Cont. Ops	539.0M	345.0M	345.0M	276.0M	309.0M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	512.0M	325.0M	326.0M	260.0M	293.0M
Per Share
Basic EPS	$2.54	$1.62	$1.63	$1.30	$1.47
Diluted EPS	$2.51	$1.60	$1.62	$1.30	$1.47
Revenue Per Share	$15.77	$15.19	$14.35	$13.39	$12.60
Shares
Basic Shares Outstanding	202.0M	201.0M	200.0M	200.0M	200.0M
Diluted Shares Outstanding	204.0M	203.0M	201.0M	200.0M	200.0M
Profitability Metrics
EBITDA	944.7M	690.7M	642.0M	535.0M	535.0M
D&A	193.0M	188.0M	172.0M	154.0M	135.0M
EBIT	751.7M	502.7M	470.0M	381.0M	400.0M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026